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Sterling touched a one-week low in volatile trading Wednesday amid growing concerns that a Brexit deal may be unlikely before next week's key EU summit. Brexit negotiations can move to Phase 2 next week only on the basis of a tentative Irish border agreement that collapsed Monday, otherwise talks to break the impasse will resume in the coming year, Irish Prime Minister Leo Varadkar explained Wednesday.

Market bets on sterling had shifted considerably in recent weeks toward betting on a breakthrough in Brexit negotiations, with sterling rising to more than a two-month high last Friday.

Against the euro, sterling was down 0.2 percent on the day at 88.11 pence.